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What is the FHSA?
Why should I consider opening an FHSA?
How much can I contribute and withdraw from the FHSA?
$8,000 annual contribution limit
Your annual limit includes any transfers you make from an RRSP. You can carry forward unused portions of your annual contribution limit in any year up to a maximum of $8,000.ⓘ
$40,000 lifetime contribution limit
You must use your FHSA contributions within 15 years of opening the account, or by the time you turn 71 years old, whichever is sooner. After that time, you can transfer savings into an RRSP or RRIF or make a taxable withdrawal.ⓘ
No limit for qualifying withdrawals
If you qualify to use your savings towards the purchase of a qualifying home, you can withdraw amounts from your FHSA, tax-free.ⓘ
What is a registered plan?
A type of savings plan that allows you to hold and invest money on a tax-free or tax-deferred basis. These plans are like buckets for different types of savings and can hold various investment products like mutual funds or GICs. Examples include an RRSP, TFSA and now the FHSA.